Leuthold Funds NPORT-P Leuthold Global Fund (Jun 2022 report)

Leuthold Global Fund
Schedule of Investments
June 30, 2022 (Unaudited)
	Shares		Fair Value
COMMON STOCKS - 58.01%
Air Freight & Logistics - 2.66%
Atlas Air Worldwide Holdings, Inc. (a)		1,446	$	89,233
Cia de Distribucion Integral Logista Holdings SA (b)		5,107		100,074
Deutsche Post AG (b)		3,040		114,779
FedEx Corp.		761		172,526
Kintetsu World Express, Inc. (b)		3,400		104,258
PostNL NV (b)		23,517		71,245
Royal Mail PLC (b)		14,559		48,095
				700,210
Banks - 3.29%
Ameris Bancorp		1,784		71,681
Associated Banc-Corp.		4,347		79,376
Bank Tabungan Negara Persero Tbk PT (b)		597,800		58,494
Citizens Financial Group, Inc.		5,351		190,977
FNB Corp/PA		7,810		84,817
Mebuki Financial Group, Inc. (b)		39,200		77,311
Simmons First National Corp.		2,764		58,763
The PNC Financial Services Group, Inc.		1,050		165,659
Valley National Bancorp		7,367		76,690
				863,768
Capital Markets - 4.18%
Evercore, Inc. - Class A		933		87,338
LPL Financial Holdings, Inc.		1,008		185,956
Meritz Securities Co., Ltd. (b)		15,272		53,675
Morgan Stanley		3,883		295,341
Raymond James Financial, Inc.		918		82,078
Stifel Financial Corp.		2,289		128,230
The Goldman Sachs Group, Inc.		900		267,318
				1,099,936
Chemicals - 1.18%
Nutrien Ltd. (a)(b)		1,927		153,563
The Mosaic Co.		3,320		156,803
				310,366
Distributors - 0.39%
LKQ Corp.		2,089		102,549
Diversified Telecommunication Services - 2.30%
KT Corp. - ADR		12,781		178,423
Telefonica Brasil SA - ADR		18,183		164,738
Telekom Malaysia Bhd (b)		97,300		115,969
Telkom Indonesia Persero Tbk PT - ADR		5,432		146,881
				606,011
Food Products - 0.99%
Archer-Daniels-Midland Co.		1,409		109,338
Bunge, Ltd. - ADR		1,665		150,999
				260,337
Health Care Providers & Services - 2.87%
Centene Corp. (a)		2,128		180,050
Elevance Health, Inc.		392		189,171
Humana, Inc.		423		197,994
UnitedHealth Group, Inc.		365		187,475
				754,690
Household Durables - 3.44%
Barratt Developments PLC (b)		11,611	$	64,948
Haseko Corp. (b)		7,900		92,786
KB Home		3,544		100,862
Lennar Corp. - Class A		2,302		162,452
Meritage Homes Corp. (a)		2,178		157,905
Redrow PLC (b)		11,746		70,127
Toll Brothers, Inc.		3,107		138,572
Tri Pointe Homes, Inc. (a)		6,851		115,577
				903,229
Insurance - 5.38%
Axis Capital Holdings, Ltd. - ADR		2,103		120,060
Cincinnati Financial Corp.		1,579		187,870
DB Insurance Co., Ltd. (b)		1,703		80,680
Everest Re Group, Ltd. - ADR		561		157,237
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (b)		659		155,885
Old Republic International Corp.		5,397		120,677
SCOR SE (b)		3,501		75,409
Sompo Holdings, Inc. (b)		3,900		172,255
Swiss Re AG (b)		1,989		154,382
The Allstate Corp.		1,491		188,955
				1,413,410
IT Services - 1.20%
Accenture PLC - Class A - ADR		541		150,209
NS Solutions Corp. (b)		2,600		69,444
Wipro, Ltd. - ADR		18,012		95,644
				315,297
Marine - 1.87%
AP Moller - Maersk A/S - Class B (b)		69		161,984
Evergreen Marine Corp Taiwan, Ltd. (a)(b)		51,000		144,956
Matson, Inc.		1,121		81,698
Star Bulk Carriers Corp. - ADR		4,134		103,309
				491,947
Metals & Mining - 4.60%
Anglo American PLC (b)		3,870		138,347
ArcelorMittal SA - NYRS		4,093		92,502
BHP Group, Ltd. - ADR		3,050		171,349
Boliden AB (b)		2,296		73,427
Commercial Metals Co.		2,021		66,895
Fortescue Metals Group, Ltd. (b)		7,920		95,236
Grupo Mexico SAB de CV (b)		37,200		155,038
Korea Zinc Co., Ltd. (b)		193		72,644
Rio Tinto PLC - LN Shares - ADR		2,647		161,467
Sumitomo Metal Mining Co., Ltd. (b)		2,100		65,109
Ternium SA - ADR		3,267		117,906
				1,209,920
Oil, Gas & Consumable Fuels - 9.83%
Aker BP ASA (b)		7,078	$	245,126
Antero Midstream Corp.		13,301		120,374
APA Corp.		5,091		177,676
Canadian Natural Resources, Ltd. - ADR		5,638		302,648
Enbridge, Inc. - ADR		2,426		102,523
Eni SpA - ADR		4,486		106,812
EOG Resources, Inc.		2,682		296,200
Exxon Mobil Corp.		2,075		177,703
Inpex Corp. (b)		14,800		158,660
Lundin Energy AB (b)		3,349		2,277
Petroleo Brasileiro SA - ADR		9,072		105,961
PTT Exploration & Production PCL - NVDR (b)		30,600		137,944
Shell PLC - ADR		2,327		121,679
Suncor Energy, Inc. - ADR		4,862		170,510
Tourmaline Oil Corp. (b)		3,684		191,555
Whiting Petroleum Corp.		2,097		142,659
Woodside Energy Group, Ltd. - ADR		1,102		23,759
				2,584,066
Paper & Forest Products - 0.47%
China Forestry Holdings Co., Ltd. (a)(b)(d)(e)		2,484,000		47,484
Louisiana-Pacific Corp.		1,450		75,995
				123,479
Pharmaceuticals - 3.99%
Bayer AG (b)		1,538		91,844
Bristol-Myers Squibb Co.		1,990		153,230
GSK PLC - ADR		3,070		133,637
Merck & Co., Inc.		1,817		165,656
Novartis AG - ADR		1,872		158,240
Pfizer, Inc.		3,217		168,667
Sino Biopharmaceutical, Ltd. (b)		124,000		79,066
Takeda Pharmaceutical Co., Ltd. - ADR		6,956		97,662
				1,048,002
Professional Services - 0.58%
CACI International, Inc. (a)		545		153,570
Semiconductors & Semiconductor Equipment - 5.95%
Amkor Technology, Inc.		5,093		86,326
Applied Materials, Inc.		2,089		190,057
ASM International NV (b)		822		204,521
Diodes, Inc. (a)		1,546		99,825
Intel Corp.		3,054		114,250
Lam Research Corp.		605		257,821
Marvell Technology, Inc.		3,165		137,773
Sino-American Silicon Products, Inc. (b)		26,000		123,954
SK Hynix, Inc. (b)		1,466		103,520
Skyworks Solutions, Inc.		1,112		103,016
SUMCO Corp. (b)		6,400		83,231
Taiwan Surface Mounting Technology Corp. (b)		20,000		60,974
				1,565,268
Trading Companies & Distributors - 2.28%
ITOCHU Corp. (b)		3,500		94,423
Mitsui & Co., Ltd. (b)		4,400		96,688
Travis Perkins PLC (a)(b)		4,420		52,391
Triton International, Ltd. - ADR		2,134		112,355
Univar Solutions, Inc. (a)		3,317		82,494
WESCO International, Inc. (a)		1,494		160,007
				598,358
Wireless Telecommunication Services - 0.56%
America Movil SAB de CV - Series L - ADR		7,233		147,770
TOTAL COMMON STOCKS (Cost $14,501,664)			$	15,252,183
INVESTMENT COMPANIES - 10.30%
Exchange Traded Funds - 10.30%
Invesco CurrencyShares Japanese Yen Trust (a)		7,158	$	493,723
iShares Floating Rate Bond ETF		3,618		180,611
iShares Gold Trust (a)		7,889		270,672
iShares International Treasury Bond ETF		4,886		199,788
iShares JP Morgan USD Emerging Markets Bond ETF		1,127		96,156
iShares MBS ETF		2,721		265,270
SPDR Bloomberg Short Term High Yield Bond ETF		12,668		305,552
SPDR Gold Shares (a)		1,578		265,830
VanEck J. P. Morgan EM Local Currency Bond ETF		4,128		101,053
Vanguard Short-Term Inflation-Protected Securities ETF		10,577		530,119
TOTAL INVESTMENT COMPANIES (Cost $2,881,557)			$	2,708,774
	Principal Amount		Fair Value
CORPORATE BONDS - 1.84%
Banks - 1.84%
JPMorgan Chase & Co.
1.500%, 01/27/2025	$	470,000	$	482,746
TOTAL CORPORATE BONDS (Cost $515,426)			$	482,746
FOREIGN GOVERNMENT BONDS - 2.5%
Foreign Government Bonds - 2.5%
French Republic Government Bond OAT
1.250%, 05/25/2034 (b)	EUR 474,000		$	451,949
United Kingdom Gilt
4.750%, 12/07/2030 (b)	GBP 140,000			205,162
TOTAL FOREIGN GOVERNMENT BONDS (Cost $814,239)			$	657,111
UNITED STATES TREASURY OBLIGATIONS - 1.73%
United States Treasury Notes - 1.73%
2.625%, 04/15/2025	$	220,000	$	217,834
2.000%, 11/15/2041		297,000		237,229
TOTAL UNITED STATES TREASURY OBLIGATIONS (Cost $508,152)			$	455,063
	Shares		Fair Value
SHORT-TERM INVESTMENTS - 17.74%
Money Market Funds - 17.74%
Fidelity Institutional Money Market Funds - Government Portfolio - Class I, 1.210% (b)		4,665,460	$	4,665,460
TOTAL SHORT-TERM INVESTMENTS (Cost $4,665,460)			$	4,665,460
Total Investments (Cost $23,886,498) - 92.12%			$	24,221,337
Other Assets in Excess of Liabilities - (f) - 7.88%				2,072,769
TOTAL NET ASSETS - 100.00%			$	26,294,106

 

Percentages are stated as a percent of net assets.
ADR	American Depositary Receipt
EUR	Euro
GBP	British Pound Sterling
NVDR	Non Voting Depositary Receipt
NYRS	New York Registry Shares
(a)	Non-income producing security.
(b)	Foreign issued security.
(c)	The rate quoted is the annualized seven-day effective yield as of June 30, 2022.
(d)	Illiquid security. The fair value of these securities total $47,484 which represents 0.18% of total net assets.
(e)	This security is currently being fair valued in accordance with procedures established by the Board of Directors of Leuthold Funds, Inc. and is deemed a Level 3 security as it is valued using significant unobservable inputs.
(f)	All or a portion of the assets have been committed as collateral for open securities sold short.

The Global Industry Classification Standard (GICS^®) was developed by and/or is the exclusive property of MSCI, Inc. and Standard & Poor's Financial Services LLC ("S&P"). GICS is a service mark of MSCI, Inc. and S&P and has been licensed for use by U.S. Bancorp Fund Services, LLC.

			Percentage
	Fair		of Total
	Value		Investments
CURRENCY EXPOSURE
Australian Dollar	$	95,236		0.39	%
British Pound		579,070		2.39
Canadian Dollar		345,118		1.43
Danish Krone		161,984		0.67
Euro		1,748,452		7.22
Hong Kong Dollar		126,550		0.52
Indonesian Rupiah		58,494		0.24
Japanese Yen		1,014,165		4.19
Malaysian Ringgit		115,969		0.48
Mexican Peso		155,038		0.64
Norwegian Krone		245,126		1.01
South Korean Won		310,519		1.28
Swedish Krona		75,704		0.31
Swiss Franc		154,382		0.64
Taiwan New Dollar		329,884		1.36
Thai Baht		137,944		0.57
US Dollar		18,567,702		76.66
Total Investments	$	24,221,337		100.00	%

			Percentage
	Fair		of Total
	Value		Investments
PORTFOLIO DIVERSIFICATION
Australia	$	290,344		1.20	%
Bermuda		389,652		1.60
Brazil		270,699		1.12
United Kingdom		995,853		4.11
Canada		920,799		3.80
China		47,484		0.20
Mexico		302,808		1.25
Malaysia		115,969		0.48
Denmark		161,984		0.67
France		527,358		2.18
Germany		362,508		1.50
Greece		103,309		0.43
Hong Kong		79,066		0.33
India		95,644		0.39
Indonesia		205,375		0.85
Ireland		150,209		0.62
Italy		106,812		0.44
Japan		1,111,827		4.59
Luxembourg		210,408		0.87
Netherlands		275,766		1.14
Norway		245,126		1.01
South Korea		488,942		2.02
Spain		100,074		0.41
Sweden		75,704		0.31
Switzerland		312,622		1.29
Taiwan		329,884		1.36
Thailand		137,944		0.57
United States		15,807,167		65.26
Total Investments	$	24,221,337		100.00	%

Leuthold Global Fund
Schedule of Securities Sold Short - (a)
June 30, 2022 (Unaudited)
	Shares		Fair Value
COMMON STOCKS - 6.67%
Aerospace & Defense - 0.14%
AeroVironment, Inc.		127	$	10,439
Mercury Systems, Inc.		197		12,673
The Boeing Co.		98		13,399
				36,511
Airlines - 0.13%
American Airlines Group, Inc.		782		9,916
Delta Air Lines, Inc.		546		15,818
United Airlines Holdings, Inc.		248		8,784
				34,518
Auto Components - 0.20%
Aptiv PLC - (b)		277		24,673
Fox Factory Holding Corp.		171		13,772
Lear Corp.		101		12,715
				51,160
Banks - 0.04%
Glacier Bancorp, Inc.		227		10,764
Beverages - 0.15%
Celsius Holdings, Inc.		186		12,138
Monster Beverage Corp.		232		21,506
The Boston Beer Co., Inc. - Class A		20		6,060
				39,704
Building Products - 0.05%
AAON, Inc.		238		13,033
Capital Markets - 0.28%
Credit Suisse Group AG - ADR		1,984		11,249
MarketAxess Holdings, Inc.		44		11,265
Moody's Corp.		74		20,126
PJT Partners, Inc. - Class A		183		12,861
S&P Global, Inc.		55		18,538
				74,039
Chemicals - 0.37%
Air Products and Chemicals, Inc.		99		23,807
Diversey Holdings, Ltd. - ADR		1,511		9,973
Ecolab, Inc.		98		15,068
International Flavors & Fragrances, Inc.		157		18,702
RPM International, Inc.		112		8,817
The Sherwin-Williams Co.		93		20,824
				97,191
Commercial Services & Supplies - 0.18%
MillerKnoll, Inc.		246		6,462
MSA Safety, Inc.		64		7,749
Rollins, Inc.		560		19,555
UniFirst Corp/MA		79		13,602
				47,368
Consumer Finance - 0.04%
FirstCash Holdings, Inc.		156	$	10,844
Containers & Packaging - 0.14%
AptarGroup, Inc.		91		9,392
Ball Corp.		226		15,542
Graphic Packaging Holding Co.		529		10,845
				35,779
Diversified Consumer Services - 0.12%
ADT, Inc.		2,057		12,651
Coursera, Inc.		540		7,657
Laureate Education, Inc.		956		11,061
				31,369
Electric Utilities - 0.07%
PG&E Corp.		1,873		18,693
Electrical Equipment - 0.24%
Generac Holdings, Inc.		72		15,162
Rockwell Automation, Inc.		93		18,536
Shoals Technologies Group, Inc.		730		12,030
Vertiv Holdings Co.		851		6,995
Vicor Corp.		200		10,946
				63,669
Energy Equipment & Services - 0.04%
Noble Corp. - ADR		392		9,937
Entertainment - 0.21%
Madison Square Garden Entertainment Corp. - Class A		164		8,630
Roku, Inc. - Class A		150		12,321
Spotify Technology SA - (b)		251		23,551
Take-Two Interactive Software, Inc.		92		11,273
				55,775
Food & Staples Retailing - 0.05%
Performance Food Group Co.		299		13,748
Food Products - 0.08%
Hormel Foods Corp.		427		20,223
Health Care Equipment & Supplies - 0.67%
Becton Dickinson and Co.		102		25,146
Boston Scientific Corp.		554		20,647
Dexcom, Inc.		232		17,291
IDEXX Laboratories, Inc.		73		25,603
Insulet Corp.		79		17,217
Novocure, Ltd. - (b)		146		10,147
ResMed, Inc.		128		26,833
STERIS PLC - ADR		84		17,317
Stryker Corp.		86		17,108
				177,309
Health Care Providers & Services - 0.06%
agilon health, Inc.		742		16,198
Health Care Technology - 0.18%
Schrodinger Inc/United States		509	$	13,443
Veeva Systems, Inc. - Class A		166		32,874
				46,317
Hotels, Restaurants & Leisure - 0.35%
Carnival Corp. - ADR		977		8,451
Las Vegas Sands Corp.		584		19,616
Penn National Gaming, Inc.		455		13,841
Restaurant Brands International, Inc. (b)		364		18,255
Vail Resorts, Inc.		57		12,429
Wingstop, Inc.		183		13,683
Wynn Resorts, Ltd.		98		5,584
				91,859
Household Products - 0.22%
Colgate-Palmolive Co.		340		27,247
The Clorox Co.		151		21,288
WD-40 Co.		49		9,867
				58,402
Industrial Conglomerates - 0.06%
General Electric Co.		243		15,472
Insurance - 0.04%
Erie Indemnity Co. - Class A		54		10,378
Interactive Media & Services - 0.04%
Match Group, Inc.		137		9,548
Internet & Direct Marketing Retail - 0.13%
Amazon.com, Inc.		199		21,136
DoorDash, Inc. - Class A		206		13,219
				34,355
IT Services - 0.24%
Block, Inc. - Class A		178		10,940
Cloudflare, Inc. - Class A		165		7,219
Okta, Inc. - Class A		93		8,407
Shift4 Payments, Inc. - Class A		187		6,182
Snowflake, Inc.		178		24,753
Twilio, Inc. - Class A		80		6,705
				64,206
Leisure Products - 0.05%
Polaris, Inc.		137		13,601
Life Sciences Tools & Services - 0.04%
Illumina, Inc.		56		10,324
Machinery - 0.25%
Chart Industries, Inc.		78		13,056
Hillman Solutions Corp.		1,018		8,796
Illinois Tool Works, Inc.		125		22,781
RBC Bearings, Inc.		63		11,652
Xylem, Inc.		135		10,554
				66,839
Metals & Mining - 0.07%
Franco-Nevada Corp. (b)		133		17,500
Multiline Retail - 0.06%
Ollie's Bargain Outlet Holdings, Inc.		250	$	14,687
Multi-Utilities - 0.04%
Algonquin Power & Utilities Corp. (b)		821		11,026
Oil, Gas & Consumable Fuels - 0.10%
HF Sinclair Corp.		285		12,871
Northern Oil and Gas, Inc.		525		13,261
				26,132
Professional Services - 0.27%
Clarivate PLC - ADR (b)		452		6,265
CoStar Group, Inc.		245		14,800
Equifax, Inc.		136		24,858
TransUnion		322		25,757
				71,680
Real Estate Investment Trusts (REITs) - 0.40%
Agree Realty Corp.		162		11,685
American Tower Corp.		105		26,837
Americold Realty Trust, Inc.		265		7,960
Equinix, Inc.		30		19,711
Realty Income Corp.		392		26,758
Safehold, Inc.		333		11,778
				104,729
Road & Rail - 0.03%
Uber Technologies, Inc.		427		8,736
Software - 0.84%
Altair Engineering, Inc. - Class A		265		13,912
Alteryx, Inc. - Class A		133		6,440
Appfolio, Inc. - Class A		88		7,976
Autodesk, Inc.		97		16,680
Bentley Systems, Inc. - Class B		97		3,230
Blackline, Inc.		204		13,586
CCC Intelligent Solutions Holdings, Inc.		1,394		12,825
Datadog, Inc. - Class A		136		12,952
E2open Parent Holdings, Inc.		1,506		11,717
Five9, Inc.		136		12,395
Guidewire  Software,  Inc.		93		6,602
nCino, Inc.		342		10,575
Paycom Software, Inc.		89		24,931
Procore Technologies, Inc.		318		14,434
Q2 Holdings, Inc.		133		5,130
Salesforce, Inc.		153		25,251
Splunk, Inc.		128		11,323
Workday, Inc. - Class A		84		11,725
				221,684
TOTAL COMMON STOCKS (Proceeds $2,069,107)			$	1,755,307
INVESTMENT COMPANIES - 10.44%
Exchange Traded Funds - 10.44%
Communication Services Select Sector SPDR Fund		1,328	$	72,071
Consumer Discretionary Select Sector SPDR Fund		605		83,175
Industrial Select Sector SPDR Fund		1,082		94,502
Invesco QQQ Trust Series 1		507		142,102
iShares Expanded Tech-Software Sector ETF		377		101,643
iShares MSCI ACWI ETF		11,782		988,392
iShares MSCI EAFE ETF		12,070		754,254
iShares MSCI Emerging Markets ETF		4,862		194,966
iShares S&P 100 ETF		312		53,811
SPDR S&P 500 ETF Trust		525		198,056
Utilities Select Sector SPDR Fund		871		61,083
TOTAL INVESTMENT COMPANIES (Proceeds $3,081,567)			$	2,744,055
TOTAL SECURITIES SOLD SHORT
(Proceeds $5,150,674) - 17.11%			$	4,499,362

Leuthold Global Fund

Summary of Fair Value Exposure at June 30, 2022 (Unaudited)

The Fund has adopted fair valuation accounting standards which establish a definition of fair value and set out a hierarchy for measuring fair value.  These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value and a discussion of changes in valuation techniques and related inputs during the period.  These inputs are summarized in the following three levels:

Level 1 - Quoted prices in active markets for identical securities.

Level 2 - Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).

Level 3 - Significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments).

The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities.

The following is a summary of the inputs used to value the Fund's investments and securities sold short as of June 30, 2022:

Investments at Fair Value	Level 1		Level 2			Level 3		Total
Common Stocks
Air Freight & Logistics	$	261,759	$	438,451		$	-	$	700,210
Banks		727,963		135,805			-		863,768
Capital Markets		1,046,261		53,675			-		1,099,936
Chemicals		310,366		-			-		310,366
Distributors		102,549		-			-		102,549
Diversified Telecommunication Services		490,042		115,969			-		606,011
Food Products		260,337		-			-		260,337
Health Care Providers & Services		754,690		-			-		754,690
Household Durables		675,368		227,861			-		903,229
Insurance		586,929		826,481			-		1,413,410
IT Services		245,853		69,444			-		315,297
Marine		185,007		306,940			-		491,947
Metals & Mining		765,157		444,763			-		1,209,920
Oil, Gas & Consumable Fuels		2,040,059		544,007			-		2,584,066
Paper & Forest Products		75,995		-			47,484		123,479
Pharmaceuticals		877,092		170,910			-		1,048,002
Professional Services		153,570		-			-		153,570
Semiconductors & Semiconductor Equipment		989,068		576,200			-		1,565,268
Trading Companies & Distributors		354,856		243,502			-		598,358
Wireless Telecommunication Services		147,770		-			-		147,770
Total Common Stocks		11,050,691		4,154,008			47,484		15,252,183
Exchange Traded Funds		2,708,774		-			-		2,708,774
Corporate Bonds		-		482,746			-		482,746
Foreign Government Bonds		-		657,111			-		657,111
United States Treasury Obligations		-		455,063			-		455,063
Money Market Funds		-		4,665,460			-		4,665,460
Total Investments in Securities	$	13,759,465	$	10,414,388		$	47,484	$	24,221,337
Securities Sold Short at Fair Value	Level 1		Level 2			Level 3		Total
Common Stocks	$	1,755,307	$	-		$	-	$	1,755,307
Exchange Traded Funds		2,744,055		-			-		2,744,055
Total Securities Sold Short	$	4,499,362	$	-		$	-	$	4,499,362
The following is a reconciliation of Level 3 investments for which significant unobservable inputs were used to determine fair value:
			Investments in Securities at Fair Value
Balance as of March 31, 2022			$	47,566
Accrued discounts/premiums				-
Realized gain (loss)				-
Change in unrealized depreciation				(82	)*
Purchases				-
Sales				-
Transfer into and/or out of Level 3				-
Balance as of June 30, 2022			$	47,484	(1)
Change in unrealized depreciation during the period for Level 3 investments held at March 31, 2022:			$	(82	)
* Unrealized depreciation is due to a change in foreign currency exchange rate.

⁽¹⁾ The security (China Forestry Holdings Co., Ltd.) is classified as a Level 3 security due to a halt in trading of the security on January 26, 2011.  The security is valued at fair value as determined in good faith by the Directors.  The Adviser submits a report to the Directors setting forth the factors considered in determining the price.  The significant unobservable input used in the fair valuation of this security is a discount of 95% from the last traded price of Hong Kong Dollar 2.95.  Significant changes in the discount rate may result in a change in fair value measurement.  For the duration of the period the discount was 95%.